Bryn Mawr Capital Management LLC Sells 9,345 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Bryn Mawr Capital Management LLC trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 58.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 6,517 shares of the semiconductor company’s stock after selling 9,345 shares during the period. Bryn Mawr Capital Management LLC’s holdings in Microchip Technology were worth $374,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Private Advisor Group LLC boosted its stake in Microchip Technology by 0.6% in the fourth quarter. Private Advisor Group LLC now owns 60,169 shares of the semiconductor company’s stock valued at $3,451,000 after acquiring an additional 373 shares during the last quarter. Bank of Jackson Hole Trust purchased a new position in Microchip Technology in the fourth quarter valued at about $461,000. Venturi Wealth Management LLC boosted its stake in Microchip Technology by 54.7% in the fourth quarter. Venturi Wealth Management LLC now owns 12,668 shares of the semiconductor company’s stock valued at $727,000 after acquiring an additional 4,478 shares during the last quarter. Empower Advisory Group LLC boosted its stake in Microchip Technology by 10.5% in the fourth quarter. Empower Advisory Group LLC now owns 3,836 shares of the semiconductor company’s stock valued at $220,000 after acquiring an additional 366 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Microchip Technology by 5.8% in the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after acquiring an additional 52,222 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on MCHP. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Citigroup dropped their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research note on Thursday, February 6th. The Goldman Sachs Group dropped their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, KeyCorp dropped their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Stock Performance

Microchip Technology stock opened at $61.07 on Friday. The firm’s 50 day simple moving average is $56.68 and its 200 day simple moving average is $68.16. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $32.84 billion, a PE ratio of 109.05 and a beta of 1.50. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.